Bill Text: AZ HB2500 | 2019 | Fifty-fourth Legislature 1st Regular | Introduced
Bill Title: Budget stabilization fund; investment; specie
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2019-02-05 - House read second time [HB2500 Detail]
Download: Arizona-2019-HB2500-Introduced.html
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REFERENCE TITLE: budget stabilization fund; investment; specie |
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State of Arizona House of Representatives Fifty-fourth Legislature First Regular Session 2019
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HB 2500 |
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Introduced by Representative Finchem
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AN ACT
amending section 35-314.02, Arizona Revised Statutes; relating to the budget stabilization fund.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 35-314.02, Arizona Revised Statutes, is amended to read:
35-314.02. Budget stabilization fund monies; investment; definition
A. In addition to the investment authority in section 35‑313, the state treasurer:
1. May invest and reinvest monies of the budget stabilization fund established in by section 35‑144 in equity securities pursuant to section 35‑314, except that not more than twenty‑five per cent percent of the monies may be invested in equity securities at any time. The percentage of investment shall be calculated at cost.
2. Shall hold at least ten percent of the monies in the budget stabilization fund in specie, or in refined gold or silver bullion that is graded at least .999 pure, or in any combination of specie and refined gold or silver bullion that is graded at least .999 pure.
B. The specie and bullion held pursuant to subsection A of this section must be held in a Level III rated secure depository facility designed for precious metals storage and constructed with a minimum Underwriters Laboratory rated class two vault door. The specie and bullion must be fully insured and physically segregated from other assets held in the secure depository facility.
C. For the purposes of this section, "specie" means either:
1. coins having precious metal content.
2. refined gold or silver bullion that is stamped or imprinted with its weight and purity and that is valued primarily on its metal content, not its form.
Sec. 2. Effective date
This act is effective from and after June 30, 2020.
Sec. 3. Short title
This act may be cited as the "Arizona Sound Money Stabilization Act".
